AUSTRALIAN investors have jumped onboard a new private equity fund launched by US fund manager Franklin Templeton to buy distressed assets in Asia.
Franklin Templeton Asian real estate private equity fund has raised $383 million from the investors in the Australia, United Kingdom, Finland and Germany.
The fund is targeting what it believes are cheap and distressed assets in the region.
Franklin Templeton said the global market turmoil and reduced access to financing have created unique investment opportunities in both the developed and emerging Asian property market.
“We believe that 2009 and 2010 should provide excellent opportunities for real estate investing in Asia,” the fund’s portfolio manager Glenn Uren said.
“Savvy investors are cautiously exploring the region looking for undervalued and distressed assets,” he added.
The private, closed-ended fund will invest in funds across Asia, but not in listed property securities or direct property. The fund will be run by a team of 12 staff in Singapore.
Australian Property Journal
